The Baltic Exchange’s dry bulk freight index, which tracks rates for vessels carrying dry bulk commodities, climbed to a two‑week high on Wednesday as rates strengthened across all vessel segments.
The main index, which tracks rates for capesize, panamax and supramax vessels, gained 74 points, or 4.3%, to 1,803, the highest level since January 6.
The capesize index added 162 points, or 6.3%, to 2,732. The index was up for a fourth straight session.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $1,475 to $21,279.
Iron ore futures fell for the fifth straight session as Rio Tinto, the world’s top supplier, reported strong iron ore shipments in its fourth quarter, while concerns over safety inspections weighed on the Chinese market.
The panamax index was up 36 points, or 2.3%, to 1,606, its highest level since mid December.
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, increased $328 to $14,458.
Among smaller vessels, the supramax index added 13 points to 996.
Source: Reuters